Re: United ESOP highlights a problem

[LynnRWilliams@aol.com]

Norman -

Just a couple of comments concerning your comments to Dan.

It's my recollection of the United arrangement that the Pilots and Machinists 
wished the Flight Attendants to be involved and to have a more inclusive 
ESOP, but the Flight Attendants chose not to join in.

I obviously don't know whether or not you know, but the Steelworkers' 
"pattern" in dealing with the current steel crisis includes profit sharing 
and 20% ownership.  Leo Gerard is well aware of the ESOP options.

To suggest, Norm, as it seems to me you are, that forgetting about the 
importance of defined benefit pensions and such "security" issues and simply 
throwing the enthusiasm of employee ownership at market conditions, whatever 
they may be, and success will ensue, is quite unrealistic.  We, the 
Steelworkers that is, have a fine ESOP at Erie Forge but the market for the 
marine shafts they manufacture is disappearing - no amount of dumping 
security and promoting risk will solve that piece of the problem.  Or, 
similarly, in steel - given current over supply in the world, present trading 
arrangements, the resulting price levels, combined with the lack of concern 
with and destruction of America's manufacturing base - public policies are 
required which address these issues if we are to maintain a steel industry of 
consequence in either domestic or world terms.

I suspect even Walter Reuther would have had to struggle with these issues.  
Certainly his successors have.

Lynn